Explanation
Background: On October 3, 2012, City Council passed Ordinance 1968-2012 which established a nonprofit development corporation, Columbus Next Generation Corporation, for the purpose of advancing, encouraging and promoting industrial, economic and commercial development in the City of Columbus and named the City of Columbus as the sole member of the entity. This corporation is charged with eliminating blight and creating job opportunities as well. This ordinance authorizes an agreement in the amount of $1,000,000 with Columbus Next Generation Corporation for the purpose of developing a real estate strategy to purchase/acquire key urban real property assets in targeted central city areas in coordination with Mayoral redevelopment goals.
Emergency action is requested to begin the purchase of properties as soon as possible in order to facilitate the redevelopment of key urban areas.
FISCAL IMPACT: This legislation authorizes the expenditure of funds within the Capital Improvement Budget in Fund 739, Development Taxable Bonds.
Title
To authorize the Director of the Department of Development to enter into a funding agreement with Columbus Next Generation Corporation to develop a real estate strategy and purchase/acquire key urban real property assets in targeted central city areas; to authorize the expenditure of $1,000,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, Ordinance 1968-2012, passed by City Council on October 10, 2012, authorized the Mayor of the City of Columbus to create and establish a nonprofit corporation to advance, encourage and promote industrial, economic and commercial development as well as eliminate blight and create jobs; and
WHEREAS, the City registered with the Ohio Secretary of State to create the Columbus Next Generation Corporation on October 10, 2012; and
WHEREAS, Columbus Next Generation Corporation performs a variety of services to advance economic development, including but not limited to, creation of economic development plans for specific areas of the city, develops and promotes incentives, acquires and develops real estate and manages various related projects; and
WHEREAS, an emergency exists in the usual daily operations of the city in that it is immediately necessary to enter into an agreement with Columbus Next Generation Corporation to begin the purchase of properties as soon as possible in order to facilitate the redevelopment of key urban areas, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is hereby authorized to enter into a funding agreement with the Columbus Next Generation Corporation for activities associated with purchasing and acquiring key urban real property assets in targeted central city areas to advance industrial, economic and commercial development in the City of Columbus.
SECTION 2. That the expenditure of $1,000,000.00, or so much thereof as may be necessary in regard to the action authorized in Section 1, be and is hereby authorized from the Development Taxable Bond Fund as follows:
Dept/Div: 44-01
Fund: 739
Object Level One: 06
Object Level Three: 6601
OCA Code: 739350
Project 570035-100000, Urban Redevelopment Next Generation
SECTION 3. That this contract is awarded pursuant to Section 329.15 of the Columbus City Code.
SECTION 4. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 5. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 6. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administrating said project that the project has been completed and the monies are no longer required for said project.
SECTION 7. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and will take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.